Foreclosed-on Franklin plaza sold for $5MPublished 5:55pm Tuesday, February 12, 2013
BY ANDREW FAISON/CONTRIBUTING WRITER
FRANKLIN—The foreclosed-on Farm Fresh shopping center was recently sold at auction for $5 million, according to a real estate transfer at the Southampton County Clerk of Courts.
Bank of America purchased the Armory Drive property in Franklin from Mag II LLC Franklin.
Shirley Norton, spokeswoman with Bank of America, said the foreclosure was uncontested and the bank is reviewing its options for the property. Norton did not want to comment further.
Dinh Phan, the owner of T.J. Nails and Spa, doesn’t know what to expect. Last year, he signed a five-year lease and does not believe his rent will be raised.
“If they do for some reason up my rent, I am out of business,” Phan said.
As of January, no taxes were owed on the property, said Franklin Treasurer Dinah Babb.